Debt

9 Months Ended

Sep. 30, 2020

Note 5. Debt

Debt consists of the following:


	September 30, 2020				December 31, 2019
(in thousands, except percentages)	Debt		Interest Rate		Debt		Interest Rate
Revolving Credit Facility, due March 9, 2023 (1)	$	745,000	1.60	%	$	595,000	3.11	%
Term Loan Credit Facility, due July 31, 2021	500,000		1.35	%	500,000		2.85	%
Term Loan Credit Facility, due August 23, 2022	400,000		1.23	%	400,000		2.74	%
Finance Lease Obligation	2,048		—	%	2,005		—	%
Total	1,647,048				1,497,005
Unamortized Debt Issuance Costs	(696)				(1,326)
Total Debt	1,646,352				1,495,679
Less Amounts Due Within One Year
Term Loan Credit Facility, due July 31, 2021, Net	(499,705)				—
Finance Lease Obligation	(2,048)				—
Long-Term Debt	$	1,144,599			$	1,495,679

(1)Our revolving credit facility has a total borrowing capacity of $1.15 billion. As of September 30, 2020 and December 31, 2019, our revolving credit facility had $405 million and $555 million available for borrowing, respectively.

During the first nine months of 2020, we borrowed a net $150 million under our revolving credit facility. Proceeds from our revolving credit facility were utilized to fund portions of our capital contributions to investments, capital program and for working capital purposes.

Compliance with Covenants The revolving credit facility and term loan credit facilities require us to comply with certain financial covenants as of the end of each fiscal quarter. We were in compliance with such covenants as of September 30, 2020.

Fair Value of Long-Term Debt Our revolving credit facility and term loan credit facilities are variable-rate, non-public debt. The fair value of our revolving credit facility and term loan credit facilities approximates the carrying amount. The fair value is estimated based on observable inputs. As such, we consider the fair value of these facilities to be a Level 2 measurement on the fair value hierarchy.